Industry Insights

The global Electrodes for medical devices market size was valued at USD 775.8 million in 2016 and is expected to grow at a CAGR of 11.3% during the forecast period. Increasing prevalence of diseases such as Parkinson’s Disease (PD), Alzheimer’s, Trigeminal Neuralgia (TN or TGN), sinusitis, tinnitus, Raynaud's disease, fibromyalgia, heart disorders, brain disorders, circulatory disturbances, gout, body ache and surge in minimally invasive surgeries are expected to drive the market growth. In addition, technological advancements in medical electrodes and growing demand for portable medical devices to curb the rising hospital & healthcare-associated costs are key drivers that are likely to govern market growth worldwide.

According to the Parkinson's Disease Foundation, more than 10.0 million individuals are currently suffering from Parkinson’s disease across the world. In addition, about 60,000 Americans are diagnosed with Parkinson's every year. This disease is also highly prevalent in Europe (nearly 1.6 million) and China (about 1.7 million). The increasing prevalence of this disease is anticipated to propel the market growth over the forecast period.

In addition, the advent of advanced products such as dry and wet electrodes are gaining acceptance from users due to their property of adhering to the skin. Furthermore, use of textile electrodes by attaching them to shirts or other forms of clothes for continuous cardiac monitoring by athletes and soldiers to monitor their heart activities are expected to contribute to the market growth over the forecast period.

Portable medical devices are gaining traction globally as they offer benefits such as extended care and remote monitoring from the doctor’s clinic at the patient’s home in case of management of chronic diseases. Conditions such as heart diseases and diabetes are managed at economic rates, as it reduces the number of visits to the doctor or hospitals, thereby propelling the market growth during the forecast period.

On the contrary, stringent regulatory framework and the guidelines offered by regulatory bodies associated with medical electrodes are expected to restrain the market growth over the forecast period.

Type Insights

The key types analyzed in this study are diagnostics and therapeutics. The diagnostics segment dominated the industry in 2016 and is expected to witness lucrative growth over the forecast period. Increasing prevalence of cardiac disorders, neurological diseases, and fetal distress syndrome globally, result in rising need of diagnostic electrodes and is anticipated to support growth.

The diagnostic segment is further classified into Electrocardiogram (ECG), Electroencephalogram (EEG), Electromyogram (EMG), Electroretinogram (ERG), fetal scalp, and others. The ECG electrodes are portable, conductive, and adhesive in nature. Hence, they find extensive applications in capturing and storing patients’ heartbeats. Increasing use of these electrodes is expected to contribute towards significant growth for the next nine years.

The therapeutics segment is further classified into pacemaker, Transcutaneous Electrical Nerve Stimulator (TENS), defibrillator, electrosurgical, and others. The statistics published by the World Health Organization (WHO) stated that cardiovascular diseases (CVDs) are one of the leading causes of deaths across the world. In 2012, CVDs resulted in nearly 17.5 million deaths, accounting for about 31.0% of the total deaths. This increasing prevalence is propelling the demand for pacemaker electrodes and is anticipated to register significant CAGR during the forecast period.

Global Electrodes for medical devices market, by type, 2016 (%)

Regional Insights

North America held over 40.0% share in the medical electrodes market in 2016 owing to the increasing prevalence of CVDs, changing lifestyle of individuals, and presence of target population in the U.S. and Canada. North America and Europe are expected to collectively contribute towards the growth of this vertical owing to the presence of technologically advanced electrodes such as hydrogel and dry electrodes that provide improved adhesion capability and better conduction features as compared to gel-based electrodes.

The Asia Pacific region is anticipated to exhibit higher CAGR over the forecast period as compared to other regions. This can be attributed to initiatives undertaken by various governments to create a free and open economy. For instance, the Indian government implemented Goods and Services Tax (GST) in order to avoid the cascading effect or double taxation, thereby making it easier to start & expand businesses and comply with the tax regulations. The recently introduced economic reforms in China promotes a well-balanced & open economy and witnessed a significant impact in shaping the global economy in 2016, thus creating investment opportunities for market players in the country.

For instance, in July 2014, Asahi Kasei ZOLL Medical (AZM), a Japanese Asahi Kasei Group company was engaged in an acute critical care devices and launched R Series defibrillator including OneStep Complete electrode that is used in hospital operating rooms and intensive care units in Japan. The defibrillator provides external pacing and monitoring of electrocardiograph (ECG), pulse oximetry (SpO2), noninvasive blood pressure, and end-tidal carbon dioxide concentration (EtCO2).

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Segments Covered in the Report

This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research, Inc. has segmented the Electrodes for medical devices market on the basis of type and region: